Ex-Wayside director John Caney has started up a new business called Endeavour Automotive which has acquired Hyundai’s owned London site on Edgware Road in Hendon for an undisclosed sum.
The site will now be known as Hyundai North London and will continue to service new and existing customers in the area.
Caney said: “This is a very exciting time to be joining the Hyundai brand when it is enjoying record market share and has continued aspirations for future success.
“The Hyundai London business represents a key area for Endeavour Automotive, which has an aligned strategy for growth and increased market area representation.”
Endeavour is looking to expand with more Hyundai sites and is looking to create a regional dealer group “with a balance of manufacturer representation”, with the aim of being a £100 million turnover business in five years.
Caney’s management team consists of Jonathan Lewis, former Wayside Toyota brand director, and Milan Ralevic, former Wayside Group F&I manager.
Tony Whitehorn, president and CEO, Hyundai Motor UK, said: “Our future growth strategy requires continued focussed effort on our core business activities, hence the decision to sell our wholly owned outlet.
“Along with the site, all the existing roles within the business will also be transferred to Endeavour Automotive in its current structure.”
There are currently five Hyundai dealers in the London area owned by several different dealer businesses.